Gloucestershire Airport will not be stripped and sold for parts say council bosses.

They have scotched fears over the future of the transport hub which contributes around £52million a year to the local economy.

Owners Cheltenham Borough Council (CBC) and Gloucester City Council (GCC) said the asset will be sold as an operational airport and they will "try and secure its future" as a viable business.

They said they "understand the importance of the airport to the regional economy" and work is being carried out to value and "maximise interest" in the 400-acre site.

It is home to big names, including Safran, Babcock, Ontic and GEE and the planned new business park CGX Connect is forecast to provide 1,520 new jobs.

But questions have been raised over whether selling off the site is best for the county's economy.

Cllr Jeremy Hilton (Lib Dem, Kingsholm and Wotton) said: "I'm not interested in a quick sale that would benefit the council but then see the airport fail. That could damage the economy of Gloucestershire.

"I'm not convinced at all it will be beneficial to sell it. I think private sector investment will be better.

"It's not good selling it to someone who will borrow money to buy it because then it would potentially fail," said Cllr Hilton. "We have got to be careful that it is well financed."

He is due to meet bosses at the airport today (Jan 15) to find out more about what pressures the business is under.

CBC is also due to meet with Gloucestershire Airport Limited (GAL) bosses today behind closed doors.

Director Jason Ivey, chair Mike Morton and head of finance Angela Madigan have been invited to a committee meeting to talk about "GAL's financial sustainability, both in relation to recent improvements and in the long term."

However, the public and press will be excluded from the discussions due to their commercial sensitivity.

News that the airport was to be put on the market  broke in November after Cllr Hilton publicly voiced rumours that an unnamed company had offered to buy the site. At a cabinet meeting on December 6 he raised fears that the land would be sold off for housing.

Leader of GCC Cllr Richard Cook (Con, Kingsway) said more prospective buyers had come forward since the news went public but no discussions had taken place and measures such as protective covenants "would be considered when it becomes necessary".

It has since emerged that an outline plan to sell off the asset was approved by the councils in December 2020.

The "exit strategy" was signed off at the same time an announcement was made about investment in runway improvement work at the airport to help secure a "sustainable future"..

At the time the councils said the airport contributed around £52m annually to the local economy and had a "key role" in supporting developments such as Golden Valley and The Forum.

In February 2023 Punchline reported that the runway upgrades had resulted in a £4.7million loss in 2022.

Bosses at Gloucestershire Airport said the figure came from "writing off old assets" as part of its capital replacement programme.

Gloucestershire Airport Limited was established in 1993 and has a 999 year lease on the site which it manages for the two councils.

Former operations boss of Gloucestershire Airport Darren Lewington believes a sale could finally unlock the potential  of the business which he said has been "hamstrung" for decades by council ownership. .

In a joint statement GCC and CBC said: "The councils discussed the future of the airport back in 2020. We are now working to bring the site forward to the market, once appropriate advisors have been appointed and the necessary due diligence has been undertaken in line with local government and procurement rules. We are looking to achieve full market coverage to maximise interest in the sale.

'"We understand the importance of the airport to the regional economy and it will be sold as an operational airport, with measures in place to try and secure its future as a viable business for the area.''